HWHG(SH:600079) Tai Ping Yang Zheng Quan·2025-04-30 12:52Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company's core business shows steady growth, with a strategic collaboration development journey beginning [1] - In 2024, the company achieved a revenue of 254.35 billion yuan, a year-on-year increase of 3.71%, while the net profit attributable to shareholders decreased by 37.70% to 13.30 billion yuan [4] - The first quarter of 2025 saw a revenue of 61.37 billion yuan, a year-on-year decline of 3.61%, but the net profit attributable to shareholders increased by 11.09% to 5.40 billion yuan [5] Financial Performance Summary - The company's subsidiaries continue to maintain robust growth, with Yichang Renfu achieving a revenue of 87.02 billion yuan in 2024, up 7.97% year-on-year, and a net profit of 21.63 billion yuan, up 11.55% [6] - The company is entering a new strategic collaboration with China Merchants Group, which will become the controlling shareholder [7] - Revenue projections for 2025-2027 are 270.16 billion yuan, 288.92 billion yuan, and 309.51 billion yuan, with corresponding net profits of 22.94 billion yuan, 25.14 billion yuan, and 27.59 billion yuan, indicating significant growth [8][10]